An EU directive that came into force in 2003/2004, which outlawed certain types of trading based on inside information and outlawed certain types of abuse in the financial markets. The Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) is partially modelled on MAD. MAD II, due to come into force in 2014/2015, updates MAD, unifying its implementation across Europe and widening its scope to include new instruments. MAD II changes the obligation to report and widens the scope of the market abuse provisions as well as the inside information provisions. It also requires criminal sanctions for certain types of breach. It is implemented both as a ‘directive’ (MAD II) and a ‘regulation’ (MAR).
The Energy Risk Glossary, now in its eighth edition, provides an at-a-glance explanation of the myriad specialised terms and acronyms used in energy trading and risk management.
This year, the guide has been updated by Aviv Handler of ETR Advisory. Energy Risk would like to thank him for his input into this edition, which benefits greatly from his valuable experience and insight into energy markets.
The fast-changing nature of these markets means much has changed since our last edition – almost 200 new entries and revisions have been made this year. Reflecting the increasing importance of regulation, definitions of the Markets in Financial Instruments Directive (MiFid) and the Ljubljana-based Agency for the Cooperation of Energy Regulators (Acer) make it into the glossary for the first time. A focus on improving back-office infrastructure and mitigating counterparty risk is also apparent from the inclusion of terms such as ‘portfolio reconciliation’ and ‘portfolio compression’.
The glossary is extensively cross-referenced, making for easy and thorough searches. We hope you find it useful.
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